The RICS UK Residential Market Survey for September 2016 states that ‘confidence is starting to recover following the immediate reaction to the EU Referendum, as the UK residential market experiences a slight upturn in August’.

In brief it highlights that:

House price rises regain some momentum

Sales hold steady after four successive monthly falls

Buyer enquiries and sales instructions continue to slip – but at a greatly reduced pace.

RMA Surveyors Ltd, Newbury has been catching up on some industry news.

The Office of National Statistics (ONS) revealed (18.11.14) that UK house prices increased to 12.1% (in the year to the end of September). This is in contrast to other surveys suggesting a slowdown. It also stated that house prices continue to increase strongly across the UK, with prices in London showing the highest growth.

It states that: House price momentum in the UK continued to slow and new buyer demand tailed off in October.

It also confirms thatdemand has slipped for the fourth consecutive month and provides an interesting analysis. Read the full article.

If you’re looking to purchase a house and require a chartered surveyor to conduct a building survey or HomeBuyers Report, contact RMA Surveyors Ltd for a quote on 01635 579208 or complete the enquiry form and we’ll get back to you.

Simon Rubinsohn; Chief Economist (RICS) comments in a press release: ‘Demand and supply are looking a little more balanced, which is removing some of the upward pressure in prices, particularly in London. This is a healthy development. Part of this is down to the Bank of England becoming more vocal about the risks, part of this is down to affordability, part of this is down to the new mortgage rules and part of this is down to expectations of higher interest rates.’

While Peter Bolton King; Global Residential Director (RICS) wrote in his comment article (09.10.14): ‘In this country we hear cries if prices are going up and cries of doom and gloom if there is any indication of the reverse. A happy medium of stable, or gently rising prices does not make an eye-catching headline!

However, the latter is what we are seeing. Today I and other spokespeople, will do our best to get the message over that the reduced pressure on prices, particularly in London, is a healthy development and not negative news. ‘The future remains positive’ will be my comment but I bet someone will turn this into ‘market crash imminent!’.

Rightmove.co.uk reports that there are earlier than usual signs of autumn activity picking up, as September’s new listings come to market with asking prices 0.9% (+£2,474). This is higher than last month and the first rise at this time of year since 2011. Click here to read the full article.

RMA Surveyors Ltd, Newbury, were interested to read a recent BBC article reporting that house price increases accelerated in April, rising by 9.9% compared with the same month a year ago.
The Office of National Statistics said prices rose strongly across the UK, with Wales, Scotland and Northern Ireland all picking up pace. Read the full article for more information.

This week rightmove.co.uk, the property website, reported that house prices have jumped £10,000.
The report states that ‘the price of property coming to market this month (May 2014) is up by a national average of nearly £10,000 (+£9,409). This 3.6% rise is the largest ever measured at this time of year and has not been exceeded since April 2002. This pushes the national average to £272,003, a new record high’.

As we invest more and more into properties it’s vital that we make an informed decision prior to purchase, knowledge is power.

According to the RICS survey, as reported by this interesting BBC article, the majority of surveyors said they expected to see house prices rise in all areas of the UK in the coming months. It revealed a shortage of homes coming onto the market will lead to house price rises, with values expected to grow for years.

The Royal Institution of Chartered Surveyors (RICS) said that house prices remained on a “firmly upward trend”. Demand from buyers rose, but the number of homes coming onto the market fell for the fourth month in a row in April. For further reading, visit the RICS website.

If you’re considering buying a home, please consult the advice of a Chartered Building Surveyor to help you through the process. Their experience and knowledge pays dividends. Contact RMA Surveyors Ltd via our Contact Page or call 01635 579 208.

1. Find a chartered surveyor to help. Your home is likely to be one of the most expensive purchases you ever make. You need to know everything you can about a property before you buy it. Find a local, trusted chartered surveyor who can help.

2. Don’t buy a house because you like the colour of the walls (or other similarly superficial details).

3. Accept that you will not like everything in the house. If by a stroke of luck you do, check which fixtures and fittings are going to be included in the sale. Otherwise it could end up looking very different on the day you collect the keys.

4. Don’t be taken in by someone else’s furniture. Consider instead how your own furniture will look in that setting and whether your lifestyle suits the property layout.

5. Beware of ‘home staging’ – many property sellers employ specialists to makeover a property to maximise the sale price. Don’t be seduced by ‘investment dressing’.

6. Couples buying together need to be honest with each other about their priorities. What do they each want from a property – a quiet neighbourhood or a bustling location? Close proximity to a park or your own back garden? Better to have the conversation now.

7. First impressions do count – but you should visit a property at least twice, preferably at different times of the day, to give you a better idea of what’s on offer. It may seem like a lovely, quiet, sleepy neighbourhood on Sunday morning but it could become a racetrack to work or a parking nightmare at 7.30am on Monday.

8. Do your homework! Make sure you understand the basics of the housing market. For instance, do you know the difference between freehold and leasehold? If not start looking into it.

9. Don’t just think about the cost of the property itself. Your moving cost checklist should include: solicitors fees, land registry fee, local authority searches, various mortgage lender fees, the cost of a survey and stamp duty. Then you need to add on moving expenses, building insurance and storage.

10. When you find a property which you want to make an offer on, have a survey carried out by a qualified chartered surveyor. Taking on a property without giving it a proper health check is a risky business which can result in a financial headache in the future. It is better to be armed with the facts about a property’s condition before you agree a sale price, than be saddled with a property with issues.

11. Don’t become emotionally attached to a property before the transaction is complete. As many as one in three house sales in the UK fall through. Once the papers are signed and the keys handed over, you can think of the place as your home sweet home.